CPFL Energia owns a majority 51% stake CPFL Renováveis, with the remainder divided between eight funds and banks, while 8% floats in the local stock exchange, Bovespa.

The conclusion of the acquisition will strengthen the CPFL group’s balance sheet for further investment and represents the first significant investment by a Chinese company in the power generation sector in Brazil.

In July, State Grid announced it would pay R$5.9bn